55-79.74:01 - Deposit of funds - Virginia Statutes

§ 55-79.74:01. Deposit of funds.

All funds deposited with a managing agent shall be handled in a fiduciarycapacity and shall be kept in a fiduciary trust account in a federallyinsured financial institution separate from other assets of the managingagent. The funds shall be the property of the unit owners' association andshall be segregated for each account in the records of the managing agent ina manner that permits the funds to be identified on an individual unitowners' association basis.

(2007, cc. 696, 712.)